Stock name: Rainbow Childrens Medicare Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
While the stock has generally shown a positive trend, between December 2023 and March 2024, it formed a double top pattern on the daily chart. The breakout from this pattern occurred on March 5, 2024, backed by average trading volume and a bearish MACD indicator. Subsequent to the breakout, the stock is trending downward, accompanied by a low RSI. Technical analysis suggests that if the current momentum persists, the stock may experience further downward movement.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
Stock name: NATCO Pharma Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Between January 2022 and February 2024, the stock displayed a cup and handle pattern on its weekly chart. In February 2024, a significant breakout candle with substantial trading volume occurred. The MACD indicator also signalled positively. Following the breakout, a slight retest took place, lowering the RSI to a favourable level. Technical analysis suggests that a successful rebound from this retest may lead to additional upward movement for the stock.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
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